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USD/CNH is likely continue to rise toward 7.148 – UOB Group

Source Fxstreet

US Dollar (USD) could continue to rise toward 7.1480; a sustained rise above this level is unlikely. In the longer run, upward momentum is starting to build; for a continued advance, USD must first break clearly above 7.1480, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Upward momentum is starting to build

24-HOUR VIEW: "The following are excerpts from our update last Friday: 'Further consolidation seems likely, but given that the underlying tone has firmed slightly, USD is likely to trade in a higher range of 7.1260/7.1410.' USD then traded in a tight range of 7.1325/7.1386, closing at 7.1360 (+0.03%). USD rose at the open today, and it could continue to advance toward 7.1480. Based on the current momentum, a sustained rise above this level is unlikely. Support levels are at 7.1350 and 7.1300."

1-3 WEEKS VIEW "Our most recent narrative was from last Tuesday (30 September, spot at 7.1275) in which we highlighted that 'the current price movements are likely part of a range-trading phase between 7.1000 and 7.1480.' USD rose above 7.1400 today, and upward momentum is starting to build. However, for a continued advance, USD must first break and hold above 7.1480. The odds of a clear break above 7.1480 will increase in the next few days as long as USD holds above 7.1250."

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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